Question 3: Assume that Narine Inc. is considering leasing a car from Proctor Inc. for a period of four years. The fair value of

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Question 3: Assume that Narine Inc. is considering leasing a car from Proctor Inc. for a period of four years. The fair value of the car today is $36,000. The current market interest rate for financing such a vehicle is 4% -compounded semi-annually. Required: Calculate the semi-annual lease payment assuming that the payment is made at the end of the period.

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